Crypto: What Secret Ingredients Are Fueling This Spectacular Rise Of Dogecoin?

With a 7% increase in 24 hours and 15% in a week, Dogecoin is stealing the spotlight. This meteoric rise began on September 26 and doesn’t seem to be stopping. While the crypto market struggles, DOGE stands out thanks to several key developments. Let’s take a closer look at these factors propelling this memecoin to market heights.

Why Dogecoin Continues to Soar?

The surge in Dogecoin, trapped in a bearish spiral since early September, is not by chance. It rests on three major factors: the imminent arrival of smart contracts on its network, the unwavering support of Elon Musk, and the action of whales massively accumulating the memecoin. These combined elements shape a more powerful Dogecoin, capable of competing with more traditional altcoins.

The Impact of Smart Contracts

The first factor explaining this increase is the planned launch of the zero-knowledge virtual machine (zkVM) on the Dogecoin network. Announced by the QED protocol in partnership with Nexus, this addition will finally allow DOGE to support smart contracts, a crucial feature that was until now the preserve of networks like Ethereum or Solana.

This innovation should allow Dogecoin to:

• Host decentralized finance (DeFi) projects;
• Launch decentralized crypto exchanges (DEX);
• Integrate NFTs onto its blockchain.

It’s safe to say that DOGE is showing its teeth and preparing some great surprises for its users.

Elon Musk: Always Loyal to Dogecoin

It’s impossible to talk about Dogecoin without mentioning its biggest fan: Elon Musk. The billionaire continues to actively support the memecoin, as evidenced by his latest post where he self-proclaims as the “Dogefather”.

This statement did not fail to stir the market, fueling the hope of a soon-to-be integration of crypto DOGE as a payment method on the X platform, formerly Twitter.

Additionally, Musk recently hinted that Dogecoin could once again be accepted as a means of payment for Tesla merchandise, not to mention his future charging station in Hollywood where the memecoin will be the star.

Crypto Whales Accumulate DOGE

“Whales”, these major investors, also play a key role in Dogecoin’s meteoric rise. According to crypto analyst Ali Martinez, more than 1.40 billion DOGE were accumulated in just 48 hours by these large holders.

#Dogecoin whales bought over 1.40 billion $DOGE in the past 48 hours, worth around $140 million! pic.twitter.com/mBXMti2y3V

— Ali (@ali_charts) September 26, 2024

Large-scale transactions multiplied on September 26, reaching nearly 9.41 billion DOGE in one day.

This accumulation behavior reflects investor confidence in the future of the altcoin DOGE, reinforced by upcoming new features.

However, at the beginning of September, memecoins were in crisis, and Dogecoin, along with Shiba Inu, was enduring the storm. Today, however, DOGE seems determined to reverse the trend and confirm its strong comeback in the crypto market.